MIIT ACADMY
FINAL F.A EXAM
2024 TIME : 03 Hrs.
1.The company details are as follows:
(a)Name – GHOSAL ELECTRONICS
(b)Address –HARIPAL, KHAMARCHANDI, HOOGHLY - 712405
(c)GSTIN: 07RPAPS9876E1ZX
(d)Email :- ghosaleloctronics@gmail.com
(e)Currency Symbol: ₹
(f)All transactions of sale and purchase of goods, payments to creditors and
receipts from debtors are done through Canara Bank.
(g)Any other payment and receipt is to be done through State Bank of India
or Cash.
Balance Sheet as at 31-03-2024
Liabilities Amount Assets Amount
Capital 1000000 Land and Buildings 1200000
General Reserve 550000 Plant and Machiner 250000
y
Profit and Loss Accou 300000 Furniture 190000
nt
Secured loan 1000000 Investment 300000
Debentures 1200000 Stock 1955500
Loan from Promoters 250000 Debtors 547000
Provision for tax 350000 Bills Receivables 24000
Bills Payable 120000 State Bank of India 500000
Sundry Creditors 370000 Canara Bank 280000
Salaries outstanding 80000 Cash in Hand 18000
Rent outstanding 50000 Prepaid insurance 5500
5270000 5270000
The company deals in the following stocks:
Name of the Item Group Quantit Rate GST % Opening St
s y (₹) ock Value
Cotton Shirts 150 pcs. 750 18 112500
Woollen Shirts 135 pcs. 800 18 108000
Rayon Shirts 220 pcs. 500 18 110000
Denim Trousers 350 pcs. 1000 12 350000
Woollen Trousers 650 pcs. 1200 12 780000
Cotton Trousers 900 pcs. 550 12 495000
Total 1955500
The list of company debtors and creditors is as follows:
Debtors Address GSTIN Balance Due
Jyoti Delhi 07MWEGR2345C1Z 380000
Y
Kavita Delhi 07MWEGR2378C1Z 66000
Y
Suresh Haryana 06MCTFS8734H1Z 21000
4
Meena Delhi 07RTRDV9034J1Z1 46000
Mahesh Delhi 07MSTGR2345C1Z 34000
Y
Total 547000
Creditors Address GSTIN Balance
Payable
Ramesh Uttar Pradesh Unregistered 78000
Pradeep Delhi 07MWEGR4589C1Z 33500
Y
Namita Delhi 07JTCNF5639E1ZR 66500
Poonam Delhi 07MWEGR6951C1Z 52000
Y
Reena Chandigarh 04AUDCA2328KIZZ 140000
Total 370000
Record the following transactions that took place during financial
year 2023-2024
S.NO. Transaction Item Quantity Amount
(exc. GST)
1. Purchase from Namit Cotton Shirts 40 36000
a
2. Sale to Meena Woollen Shirts 100 190000
3. Sale to Suresh Denim trouser 50 180000
s
4. Paid money to 34200
Namita in
full settlement for
the transaction no. 1
above
5. Received from
Meena and Suresh ₹
175000 each in full
settlement for their
transactions at no. 2
and no. 3 above.
6. Paid to Pradeep in 32000
full settlement of his
account
7. Purchase from Rame Woollen Shirts 110 33000
sh
8. Purchase from Reena Cotton Shirts 325 130000
9. Goods sold to Suresh 5
were found defective
and returned by him.
10. Sale to Jyoti (Trade Rayon shirt 200 shirts. List Price
discount 10% on list ₹1500/- each
price)
11. Purchased furniture 60000
on 2.4.2022 and
GST@18%.
12. Paid insurance Premi 11000
um
13. Purchased Land and Building from XY Ltd for ₹15,00,000. To pay
for this the company borrowed from bank a loan of ₹9,00,000
and issued fully paid debentures of ₹6,00,000 to XY Ltd. (ITC not
admissible)
14. Rayon Twenty shirts were gifted to the daughter by the owner.
15. Sold all the investment 5,25,000
16. Rohini, whose account was written off last year as bad debts,
paid Rs.10,000 in cash.
17. Paid
1.Outstanding 60000
Salaries
2.Electricity (GST 8000
Exempted)
3. Telephone 3500
(Services have been
used purely for
business) (Applicable
GST rate 18%)
4. Current Salaries 40000
5. Rent (including 90000
outstanding)
6. Tax of last year 250000
18. Outstanding
1. Total Salaries 70000
2. Total Provision for 180000
Tax
3. Total rent 30000
outstanding
4. Prepaid Insurance 5500
Charge Depreciation for the period 01-04-2023 to 31-03-2024 on Furniture @
8% pa. and on Plant and Machinery @ 12%.
You are required to: -
1.Create a company as per details given above
2.Create appropriate groups and Ledger Accounts.
3.Enter the transactions as given selecting appropriate voucher type.
4.Export the following statements in pdf format (detailed and portrait
mode)
(a)Day book
(b)Trial Balance as on 31stMarch 2024.
(c)Profit and Loss Account for the year ended on 31stMarch 2024.
(d)Balance Sheet as on 31stMarch 2024.
(e)Cash Book
(f)Ratio Analysis
(g)Cash flow statement
(h)GST Report.
